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July 15, 2003

THE EU IS FACING ECONOMIC STRAIN:

Moves to formally consign the EU's stability and growth pact to the dustbin gathered pace yesterday as French president Jacques Chirac called for it to be suspended, brushing aside the rigid spending code established by treaty law to ensure the long-term survival of monetary union.

Now don't go all unilateral on us, Jacques. . . . Oops, too late:

France is already facing censure for its defiant breach of the spending rules. The French deficit was 3.1pc in 2002 and is almost certain to be over 3.5pc this year, and yet M Chirac has vowed to press ahead with tax cuts and costly plans to build a new aircraft carrier battle group and nuclear submarines.

My goodness. Where's his respect for international organizations?

UPDATE: Dodd Harris emails:

My question would be: Why isn't the Left complaining the Chirac is "busting the budget" on tax cuts and a military buildup?

Oh, I think we know the answer to that one.